Could your studio use a fresh infusion revenue? Try these ideas for making your dance studio more profitable!
1. Create unique classes
Go beyond the usual offerings and design something different. For example, could you create dance classes geared to seniors? What about a music and dance meetup for parents and toddlers? Or, could you develop adapted classes for people with disabilities? Think about the people who may love to come dance with you, given the chance—then create classes that welcome them in!
2. Host dance-themed parties and events
Not everyone can sign up for a full block of classes, but many would still love to have fun dancing now and then. Create that opportunity for them! You could host an 80’s-themed dance party sleepover for teens, a 1940’s swing dance night with live music, a charity dance-a-thon, a family-friendly “dance through the decades” party, a spooky Halloween haunted house disco, and so on. Drum up excitement by rewarding students who sell the most tickets to an event. Hosting fun events is a great way to bring people together and generate enthusiasm for your studio!
3. Recruit star instructors
The best instructors attract more students and ultimately, more profits. To entice them to your studio, what could you offer that nobody else does? Beyond welcoming them warmly and making them feel like a part of the community, could you offer them a share of profits from the classes they teach? What about a bonus for every new student they attract? Also think beyond a regular roster of instructors: you could invite star teachers from across the region or country to teach special workshops and share in the revenue.
4. Offer special workshops and classes
Go beyond your usual class schedule and offer unique single- or multi-day classes and workshops. For example, could you offer a romantic package of couples dance lessons around Valentine’s Day? What about wedding dance workshops for bridal parties? Or, could you offer lively one-night dance workshops for popular TikTok dances? Gear them to young teens, offer pizza and drinks, and let them drop in on weekend evenings, and you may just become a popular hangout.
5. Raise your prices
Higher prices can lead to healthier profits, but you have to make sure the dance experience you offer is worth the price tag. Use any increases as an opportunity to invest in your studio, your teachers, and your students, and clearly communicate the value they’ll receive in exchange. Be sure to honestly explain your rationale and give existing students enough notice. Also consider offering alternative price packages or need-based scholarships for those who need assistance. Offering tiered pricing with shorter membership periods or fewer monthly classes at a lower rate is also an option that could help you attract a broader range of students and position your higher-end pricing as a premium product.
6. Add retail sales to the mix
If you have the space, stock up on dance merchandise like clothing, shoes, and accessories at wholesale prices and resell them at a profit. These could include everything from socks, water bottles, sports bags, t-shirts, sweatpants, and sweatshirts to snacks and drinks like trail mix, granola bars, sports drinks, and juice. Setting aside a small portion of your studio as a “store” can help increase profits without a lot of added effort.
7. Rent out your studio
Rent your studio out for birthday parties, special events, team-building workshops, meetings, and more. You can rent to small dance troupes or dance instructors who may not have their own space. Don’t limit yourself to dance-related rentals, though: perhaps there are speakers, teachers, and presenters in other fields who could make great use of your space! Think yoga and fitness instructors, life coaches, financial experts, local community groups, and so on.
8. Take your studio out into the world
Why not bring your dance expertise, or your team of teachers, on-site to other locations? Consider after-school dance classes at a local elementary school, gentle dance for seniors at a nursing home, dance programs at the park district or rec center, and so on. All of these are opportunities to spread the word about your studio and build up brand recognition in your area!
9. Shake up your marketing routine
Whether it’s small-scale influencer marketing or fun giveaways, investing in your community or turning a pandemic pivot into a profit machine, we’ve got eight fresh marketing ideas to boost your profits!
10. Use data to make better decisions
How many students are enrolled in your classes right now? How many are repeat enrollees? How much money does the average student bring in? The Studio Director can give you the insights to make better business decisions and drive revenues. Give it a try today!